This year, a rumour swept through the global stock markets that the information technology services outsourcing industry was about to witness the deal of the century. According to the speculation, Infosys Technologies, India’s number two outsourcing group, was contemplating buying France’s Capgemini, a deal that would for the first time combine the back office strengths of India with the front-end firepower of a western IT consulting giant.

The rumours turned out apparently to be just that, baseless speculation. But the fact they were taken seriously at all is itself testament to the amazing achievements of India’s IT services outsourcing industry.